Bank Failure
Southern Floridabanc Federal
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Closed February 17, 1989 · Boca Raton, FL · FDIC Cert #32535.
- Closing date
- February 17, 1989
- Headquarters
- Boca Raton, FL
- FDIC Certificate
- 32535
- Total assets at closing
- $143.3M
- Total deposits at closing
- $256.2M
- Estimated loss to the insurance fund
- $162.0M
- Insurance fund
- Resolution Trust Corporation (RTC)
- Resolution
- Failure (closed by regulators)
- Acquirer
- NCNB NB of FL
Context
On February 17, 1989, regulators closed Southern Floridabanc Federal, headquartered in Boca Raton, FL. At closing, the institution held approximately $143.3M in assets and $256.2M in deposits. The FDIC record names NCNB NB of FL as the acquiring institution in the resolution. The estimated cost to the Resolution Trust Corporation (RTC) was approximately $162.0M.
By assets at closing this is the 970th largest of the 3,526 bank failures in the FDIC record, and the 172nd of 530 in 1989. It falls in the period the record labels S&L / Banking Crisis (1980-1995), a period with 2,367 failures peaking at 530 in 1989.
Deregulation, interest-rate shocks, and commercial real estate blowups produced the worst US banking failure wave since the Depression. Resulted in FIRREA (1989) and the RTC.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Southern Floridabanc Federal fail?
Southern Floridabanc Federal was closed by regulators on February 17, 1989.
Who acquired Southern Floridabanc Federal?
The FDIC record names NCNB NB of FL as the acquiring institution in the resolution of Southern Floridabanc Federal.
How big was Southern Floridabanc Federal when it failed?
Southern Floridabanc Federal had approximately $143.3M in total assets and $256.2M in deposits at the time of failure.
Other failures in 1989
| Date | Bank | Assets |
|---|---|---|
| Dec 21, 1989 | Columbia FSA | $77.1M |
| Dec 21, 1989 | Silver Savings Assoc. | $32.2M |
| Dec 20, 1989 | First City National Bank and Trust | $39.5M |
| Dec 20, 1989 | United Community Bank | $32.3M |
| Dec 15, 1989 | First American Bank and Trust | $1.38B |
| Dec 14, 1989 | Yorkridge-Calvert Federal Savings | $585.8M |
| Dec 14, 1989 | Louisiana Savings Assn. | $449.3M |
| Dec 14, 1989 | First Acadiana Bank | $46.8M |
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